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Germany still obsessed with cash

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Interesting article from Bloomberg on the continued strong use of cash in Europe's largest economy.

"For Germans, more than for the citizens of virtually any other Western economy, “money” still means, above all, physical cash. The average German wallet contains 103 physical euros, the European Central Bank estimated in November, more than three times the figure in France. Cash is still the means of payment in some 80 percent of point-of-sale transactions, compared with only 45 percent—and falling fast—next door in the Netherlands. Using cash is a habit deeply resistant to regulatory intervention; mild suggestions in 2016 that it might be restricted in certain circumstances in Germany ignited passionate protest from almost every point on the political spectrum."

 

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